The Treasury Minister of the United Kingdom has assigned the Royal Mint with producing an NFT as “an icon of Queens’ Treasury’s forward-looking attitude” to digital currencies and blockchains. The concept was unveiled in a speech by John Glen. He is the Treasury’s Economic Secretary. He said further particulars on the mint’s mint arriving “very shortly” throughout a summit.
Royal Mint NFT
While different nations, resembling Ukraine, have given NFTs previously, this one stands out because it comes from one of many highest echelons of the British authorities. It can also be meant to be executed by the group liable for printing the nation’s forex.
That isn’t to imply that the federal government will substitute the pound with Her Majesty’s Coin within the close to future. The announcement’s full absence of particulars makes it a lot simpler to dismiss it as nothing greater than a public relations stunt, a means for the Treasury to reveal that it’s eager to make the UK a hotspot of recent finance and being “in on the ground floor” with cryptocurrency.
Future Prospect
The UK authorities seems to be taking cryptocurrency critically. The Treasury Department has requested a authorized process group to look into the “legal status of decentralized autonomous entities,”. This can also be based on Glen (or DAOs). He additionally summarizes lots of what the administration is engaged on proper now by way of cryptocurrency.
It’s not simple to say what to anticipate from the Treasury’s crypto effort. To be sincere, that’s seemingly not essentially the most essential element. While NFTs are well-known (or had been as soon as), crypto’s future will likely be dictated extra by how governments with a big stake in world finance need to regulate it. Instead of any particular person mission – even from the Royal Mint.
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